Perth start-up Smooth Retirement has been recognised amongst Australia’s leading financial technology innovators as a finalist in the Fintech Business Awards 2019.
The new financial services company has been shortlisted for two of the 18 award categories with the winners to be announced at an awards ceremony in Sydney on 28 March.
Established in mid-2016, Smooth Retirement is up for both Financial Advice Innovator of the Year and Fintech Start-up Business of the Year.
The company has been recognised for its innovative financial services platform which has been specifically designed for Australian retirees and is due for launch in mid-2019.
It allows retirees to access cost-effective, self-serving retirement income advice and funding online and in a way that is currently not available to the Australian market.
The company has created new smart technology and combined this with the strategic application of a reverse mortgage to increase retirement income, preserve savings for longer, maximise Age Pension entitlements, and allow people to stay in the family home for as long as they choose.
CEO and Managing Director Scott Phillips said Smooth Retirement was borne out of a desire to help Australian retirees to live better.
“An increasing number of Australians are facing retirement without anywhere near enough savings to fund all their remaining years.
“Around half of all retiree couples in Australia today have less than $500,000 in savings between them while a staggering 20% of all retiree couples have less than $100,000 between them.
“Our platform takes into account all of a client’s income producing assets, including the family home, and accurately delivers an income solution from as early as age 60 through to 90.
“Clients also have the ability to increase their income by unlocking the untapped equity in their home in a measured and responsible way.
“Utilising home equity as part of a strategic longevity income plan and from earlier in retirement, allows people to smooth out their spending over their retirement years, live better and remain in their homes and local communities for longer.”
Mr Phillips said the Smooth Retirement concept along with its robo-adviser ‘ANDREW’, exceeded all current regulatory requirements and set new benchmarks for industry.
“We have been granted both an Australian Financial Services Licence (AFSL) and Australian Credit Licence and believe we are the only fintech in Australia to have achieved this.”
Mr Phillips said the company was extremely proud of its highly ethical and client-centric approach along with its decision more than 12 months ago to eliminate all upfront and ongoing trail commissions from its model.
“Our mission is to make retirement income management accessible, affordable and easy to understand for the around 40% of retirees who can’t afford or don’t want a financial planner but could all benefit from some guidance.
“We also understand that for so many retires that extra $200, $300 or $500 (depending on their situation) a month would make the world of difference to them and their quality of life.
“We are incredibly proud of what we have achieved so far and quite humbled to be shortlisted alongside so many leading companies as part of these prestigious national awards.”